New classification guidelines between W-2 employees and 1099 independent contractors place stricter rules for businesses looking to hire. Common misconceptions about independent contractors can lead to businesses misclassifying workers and paying high penalties and fines. Avoid these consequences by understanding the regulations your business must follow when hiring independent contractors. Let’s… [Read more]
How to Respond to an IRS Audit in 2022: Part 3
In the final part of our three-part series “how to respond to an IRS audit in 2022,” we’re focusing on the actual response to Internal Revenue Service (IRS). Watch the video below to learn more from Milikowsky Tax Law’s Founder and Managing Attorney, John Milikowsky, as he explains how to… [Read more]
How to Respond to an IRS Audit in 2022 Part 2
IRS Letter 6323 and Bank Deposit Analysis In part two of our three-part series “how to respond to an IRS Audit in 2022” we discuss IRS letter 6323 and the bank deposit analysis. For every audit IRS opens, they conduct a bank deposit analysis to determine whether you correctly reported… [Read more]
How to Respond to an IRS Audit in 2022 Part 1
IRS Letter 6323 and What to Do Before Contacting IRS Small business owners should be prepared in case the Internal Revenue Service decides to audit your business. Watch part one of our three part series for advice on how to defend your business against a battle with IRS. In this… [Read more]
Five Signs Your Small Business is Prepared for an IRS Audit
Internal Revenue Service (IRS) will flag businesses for an audit when the agency finds suspicious activity in your business’ tax returns. The suspicious activity may be innocent in nature, but IRS performs an audit to ensure your business paid the required taxes. Though, occasionally, the agency will randomly audit businesses…. [Read more]
2022 Tax Season: What to Look Out For
On January 24th, the Internal Revenue Service (IRS) announced the start of tax season. Now, the agency can accept federal income tax returns for 2021. With tax season officially in progress, the April deadline is quickly approaching. Organizing tax filing information well in advance, and understanding any tax changes for… [Read more]
How Build Back Better Bill will Affect Business Owners in 2022
The Build Back Better Bill, also known as the Build Back Better Act, is structured to support the middle class and expand the economy. It states that taxes for those with an income under $400,000 will not change. But the funding for this trillion-dollar act needs to come from somewhere. … [Read more]
What is form 5472?
Form 5472 is a United States Taxpayer’s return for: Any U.S. corporation that is at least 25% foreign-owned or Any U.S. corporation that has at least 25% foreign corporation engagement in a U.S. trade or business. If a corporation has at least one direct or indirect foreign shareholder in one… [Read more]
IRS Wants to Look at Your Bank Account
Bank accounts serve as a tool for personal and private finances. In the past, bank accounts were not typically investigated or monitored by the Internal Revenue Service (IRS) unless a taxpayer experienced an audit. However, following a proposal by the Biden Administration, IRS can now look into your bank account. … [Read more]
How to Respond to IRS Letter CP 2000
What is a CP 2000? Watch our video below: IRS sends audit letters to taxpayers when tax returns and reported data from employers or banks do not match. This specific letter is IRS letter CP 2000. It is not a formal audit letter notice. However, it does notify the taxpayer… [Read more]
- 1
- 2
- 3
- …
- 13
- Next Page »